Dec 31, 2012, 10.33 AM | Source: CNBC-TV18
Short Indraprastha Gas, says Sudarshan Sukhani of s2analytics.com. The charts suggest that may be it will come back to the Rs 210 area that’s a very deep correction or even a small bear market.
Sudarshan Sukhani (more)
Technical Analyst, s2analytics.com | Capital Expertise: Equity - Technical
Sukhani told CNBC-TV18, " Jubilant Foodworks has now stalled in the Rs 1300-1350 area repeatedly. It is now turning around, which means its making something like a rounding top, some distribution patterns. Now this is a very strong momentum stock. It is not going to come down in a hurry or tumble down but the sense is that it is not going up."
He further added, "For a person who is looking for a short trade Jubilant Foodworks is a good idea. Upside risk is limited and whenever it decides to correct there is money on the downside. This can happen even if the Nifty were to go up."
"In Indraprastha Gas for the short-term trader we are looking at a target of Rs 242-243 that is 1.5 percent lower than the closing prices but what's really happening is Indraprastha Gas Limited (IGL) after the news, after a lot of sensational movements, it has stalled. It is now in the Rs 245-270 area and it is breaking below Rs 245 now, in fact Rs 248 is the exact support, so the stock is breaking support."
"The news is no longer supporting it. There are buyers who want to get out and presumably expect a lower level. The charts suggest that may be we’ll come back to the Rs 210 area that’s a very deep correction or even a small bear market. So IGL is a short sell for day traders and for somebody who is considering positions."
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Indraprastha Gas Ltd, the sole retailer of CNG in